Private equity firm Innova Capital has announced that it would take over 100 percent of the shares in Optical Network, one of the biggest players on the Romanian optical retail and distribution markets.
Optical Network was set up in 2004 and is currently the #1 player on the Romanian optical retail market. It operates a nationwide network of 55 stores under two banners: OPTIblu, which offers a premium product range, and Klarmann, which brings a more budget-friendly proposition. Currently the network includes 37 stores under the OPTIblu banner and 18 Klarmann stores.
Optical Network was assisted in the sale by law firm Popovici Nitu Stoica & Asociatii.
Through its retail business, the company provides a diverse portfolio of products, including prescription glasses, contact lenses, sunglasses and eye care accessories.
Optical Network’s retail operations are complemented by its distribution activities, which are based on well-established relations with local optical stores and an attractive portfolio of brands and products. The company also operates two eCommerce stores in Romania as part of its omnichannel approach to customers (www.conga.ro and www.optiblu.ro).
Innova will follow through with plans for the further development of Optical Network, including ongoing improvement of the product offering and customer experience, as well as the expansion of the current retail and distribution business.
The transaction is pending approval by the Competition Council.